According to the latest report from Zhitong Finance app, Hong Kong local stocks are all down. As of the time of publication, Hang Lung Properties (00101) fell 6.73% to HKD 6.93, Wharf REIC (01997) fell 4.75% to HKD 21.05, MTR Corporation (00066) fell 3.86% to HKD 24.9, and Link REIT (00823) fell 3.98% to HKD 32.55.

According to data from the Hong Kong Immigration Department, a total of 3.2375 million people entered and exited Hong Kong during the Dragon Boat Festival holiday from June 8 to 10. Of the incoming visitors, 330,800 were from the mainland; among the outgoing visitors, 1.1701 million were Hong Kong residents. Some analysts believe that Hong Kong residents' consumption in the mainland has become a new trend, which has put pressure on the retail rents in the northern part of Hong Kong.

Morgan Stanley previously pointed out that Hong Kong's retail sales value in April fell nearly 15% year-on-year, due to fewer mainland tourists, persistent outbound consumption by Hong Kong people, high base and bad weather, and it was worse than the bank and market expectations. The bank expects the year-on-year decline in Hong Kong's retail sales in May to narrow to 13%.

In addition, on May 29, Hong Kong Rating and Valuation Department announced that the private residential price index for Hong Kong in April was 308.7 points, up 0.29% from the previous month, rising for two consecutive months, and increasing by 2.08% in cumulative terms, but still recording a 13% year-on-year decline and has not yet recovered from the initial year downturn. Citigroup previously published a report that is bearish on the Hong Kong real estate industry. As developers are eager to push inventory at reasonable prices, demand still depends on the current stalemate in interest rates, thus the forecast for Hong Kong house prices to drop 10% for the year remains unchanged.